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Report No. : |
311657.2 |
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Report Date : |
19.03.2015 |
IDENTIFICATION DETAILS
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Name : |
ORANGE WORLD
TRADE LTD. |
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Registered Office : |
c/o Legal International Creation Ltd. Room 1801, 18/F., Chinachem Hollywood Centre, 1 Hollywood Road, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.10.2014 |
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Com. Reg. No.: |
63976789 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
According to Piyush Gupta (Director), subject is trading in Textiles, Metals, Electronic & Agro Products. |
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No of Employees : |
no employees in Hong Kong (NOTE : It is to be noted that the company does not have its own operating
office in Hong Kong. The company uses the address of its secretariat as its
correspondence address only. Subject operates from some other country and
does not have a base in Hong Kong. Such companies are registered in Hong Kong
just to tax benefit purpose and due to the strict privacy laws prevailing in
the country. In such cases, the companies are not required to have any
employees in Hong Kong nor do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Hong Kong ECONOMIC OVERVIEW
Hong Kong has a free market
economy, highly dependent on international trade and finance - the value of
goods and services trade, including the sizable share of re-exports, is about
four times GDP. Hong Kong has no tariffs on imported goods, and it levies
excise duties on only four commodities, whether imported or produced locally:
hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas
or dumping laws. Hong Kong's open economy left it exposed to the global
economic slowdown that began in 2008. Although increasing integration with
China, through trade, tourism, and financial links, helped it to make an
initial recovery more quickly than many observers anticipated, its continued
reliance on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. The Hong Kong
government is promoting the Special Administrative Region (SAR) as the site for
Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to
establish RMB-denominated savings accounts; RMB-denominated corporate and
Chinese government bonds have been issued in Hong Kong; and RMB trade
settlement is allowed. The territory far exceeded the RMB conversion quota set
by Beijing for trade settlements in 2010 due to the growth of earnings from
exports to the mainland. RMB deposits grew to roughly 12% of total system
deposits in Hong Kong by the end of 2013. The government is pursuing efforts to
introduce additional use of RMB in Hong Kong financial markets and is seeking
to expand the RMB quota. The mainland has long been Hong Kong's largest trading
partner, accounting for about half of Hong Kong's total trade by value. Hong
Kong's natural resources are limited, and food and raw materials must be
imported. As a result of China's easing of travel restrictions, the number of
mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9
million in 2012, outnumbering visitors from all other countries combined. Hong
Kong has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% of the Exchange's market capitalization. During the past decade, as
Hong Kong's manufacturing industry moved to the mainland, its service industry
has grown rapidly. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. Lower and middle income segments of the population are
increasingly unable to afford adequate housing. Hong Kong continues to link its
currency closely to the US dollar, maintaining an arrangement established in
1983. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
Note:
The subject is not located at Level 10, Central Building, 1-3 Pedder Street, Central, Hong Kong” where is the operating office of a commercial service centre known as ‘Compass Offices’.
ORANGE WORLD
TRADE LTD.
Registered
Office:-
c/o Legal International Creation Ltd.
Room 1801, 18/F., Chinachem Hollywood Centre, 1 Hollywood Road, Central, Hong Kong.
63976789
2159824
24th October, 2014.
US$750,000.00
(As per registry
dated 25-11-2014)
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Name |
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No.
of shares |
|
Piyush GUPTA |
|
750,000 ====== |
(As per registry
dated 24-10-2014)
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Name (Nationality) |
Address |
|
Piyush GUPTA |
Flat E, 63/F, Tower 6, Caribbean
Coast, Tung Chung, Lantau Island, Hong Kong. |
(As per registry
dated 24-10-2014)
|
Name |
Address |
Co.
No. |
|
Legal International Creation Ltd. |
Room 1801, 18/F., Chinachem Hollywood Centre, 1 Hollywood
Road, Central, Hong Kong. |
1344920 |
Orange World Trade Ltd. was incorporated on 24th October, 2014 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at ‘Room 1801, 18/F., Chinachem Hollywood Centre, 1 Hollywood Road, Central, Hong Kong’ known as ‘Legal International Creation Ltd.’ which is handling its correspondences and documents. This secretarial company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 750,000 ordinary shares of US$1.00 each which are wholly-owned by Mr. Piyush Gupta. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
We can reach Gupta at his Hong Kong mobile phone number 852-6806 3221. Gupta is friendly and co-operative. According to Gupta, the subject is trading the following commodities: Textiles, Metals, Electronic & Agro Products.
It is dealing with those companies in Singapore, Dubai of the United Arab Emirates, the United Kingdom, Hong Kong, India, etc.
According to Gupta, the sales of the subject in the past four and a half months amounted to US$8 million and has made a profit of US$30,000. Business seemed good at the early stage.
The subject has been banking with The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
The subject’s business in Hong Kong is still under development. History in Hong Kong is just over four months.
Since the history of the subject is short in Hong Kong, consider it good for business engagements on L/C basis or in small credit amount for the time being.
NOTE :
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
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UK Pound |
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.66.34 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.